Cell Phone Accessories Industry Trends 2024

The cell phone accessories industry is healthy and growing steadily. So, if you're operating a retail shop or a dropshipping business dealing in these products, you have a promising future as an entrepreneur. To help you navigate this exciting industry, we've compiled this mini-report with insights to drive future growth if you apply them to your business.

 

Market Overview

 

The size of the worldwide cell phone accessories market will be approximately US$96.5 billion in 2024. And the growth of the accessories market is linked to the release of new mobile devices. As consumers purchase these newer devices due to their additional features and lower prices, they'll seek accessories that enhance the user experience.

Smartphone manufacturers are increasingly introducing models aimed at lower — and middle-income consumers. The latest smartphones feature more efficient batteries, improved charging speeds, and wireless charging. TVCMALL already stocks an extensive range of wholesale cell phone accessories that enhance the usability and features of the latest mobile devices.

Smartphone users almost always require additional power, especially when a wall outlet isn't readily available. One solution is to carry a power bank, but that's not necessarily an elegant solution, especially if it's too large. But we stock the compact and slick-looking MOMAX Q.MAG X1 10000mAh Magnetic Power Bank, which can charge iOS and Android devices and is approved for air travel usage. Products like these are trending in today's cell phone accessories market.

 

Key Industry Trends

 

The following trends significantly impact the state of the cell phone accessories industry:

● Wireless accessories: These are no longer 'nice-to-have' but enjoy increased demand as users prefer to use their mobile devices' wireless features. Wireless headphones, Bluetooth portable speakers, and wireless chargers are among the most popular accessories in this segment.

● Specialized peripherals: More smartphone users are gaming, streaming content, and monitoring their fitness regimen. These users require various peripherals to provide them with a satisfactory experience.

● Increased digitalization: Developing markets are currently undergoing digitalization. Consumers in these markets are accessing online services and shopping in large numbers. Thus, smartphone and cell phone accessory manufacturers are constantly evolving their products to respond to the needs of these consumers.

● Personalization: Consumers enjoy customizing and getting creative with their smartphones. At TVCMALL, we've seen strong sales of our innovative E Ink phone case products, which allow users to add distinctive digital imagery utilizing wireless and NFC technology.

 

Market Segmentation and Growth Projections

 

When analyzing cell phone market segmentation, we look at product type, distribution channel, price range, and region. The following product types have dominated global mobile accessories markets in 2023 - 2024:

● Battery

● Charger

● Headphone & Earphone

● Holder

● Portable speaker

● Protective case

● Power bank

● Memory card

● Screen guard

● Others

Headphones and earphones were the hottest-selling accessories during 2023, attaining a market share of 35%. We expect this segment to retain its dominance for the next 10 years. More advanced smartphones, music streaming, gaming, and the need for hands-free conversations will help drive future demand.    

As for the distribution channel, consumers purchase cell phone accessories either online or offline. In 2023, online channels outperformed their offline counterparts significantly and attained a market share of 68%. Our company helps spur the growth of the online wholesale cell phone accessories industry.

The price range consists of low, medium, and premium segments. In 2023, mid-priced cell phone accessories attained a market share of 48% and will continue to enjoy dominance in the foreseeable future. The low-cost bracket encourages impulse purchases of chargers, cases, screen protectors, and headphones. And the premium segment includes the highest-quality accessories, which are rarely affordable for most consumers, especially those from lower-income groups.

Cell phone accessories are sold in the following major global regions, as follows:

● North America

● South America

● Europe

● Asia-Pacific

● Middle East and Africa

Interestingly, Asia-Pacific enjoys a dominant position, attaining a market share of 47%. This is due to the prevalence of tech-savvy consumers in China, Japan, and South Korea. Since China is a manufacturing hub for cell phone accessories, product research and development always begins in this region.

 

Market Dynamics

 

The global cell phone accessories market will grow to approximately US$160 billion by 2033 and at a rate of 7.1% CAGR. In layman's terms, this means that this industry will double in size over the next decade.

Products that respond to the lifestyles of current and future consumers will be in greater demand. Consumers will continue to gravitate towards products that offer better interoperability between their devices and accessories.

However, there's a risk of adverse market conditions due to increased competition from multiple manufacturers and vendors, which will diminish profit margins. Counterfeit products entering the market will also hurt the market and reduce consumer trust, especially towards vendors dealing in knock-offs.

 

Conclusion

 

There's never been a better time to enter the lucrative cell phone accessories industry. Our comprehensive mini-report points to a growing and innovative industry going from strength to strength. Contact us today to learn about our phenomenal deals and business opportunities to help you THRIVE!